Banking Circle Introduces EURI: The First Bank-Backed MiCA-Compliant Stablecoin

Banking Circle S.A., the innovative payments bank, has launched EURI, a Euro-pegged stablecoin that is fully compliant with the Markets in Crypto Assets Regulation (MiCA). EURI represents the first MiCA-regulated stablecoin issued by a bank in the EU, providing 24/7 access to digital money with out-of-hours settlement through blockchain technology.

EURI, backed by cash or cash equivalents held by Banking Circle, will be available initially on Binance and CoinUT Switzerland AG, with more exchanges to follow. The stablecoin’s minting and burning processes are secured by Fireblocks’ Multi-Party Computation (MPC-CMP) technology, ensuring safety and security. The stablecoin will be audited to ensure parity with the cash reserves, and it offers efficient fiat conversion and redemption at par value.

Daniel Lee, Head of Web 3 at Banking Circle, emphasized the stablecoin’s importance, stating, “By combining cutting-edge technology with strict compliance, Banking Circle is providing stablecoin users with the robust banking services they deserve, paving the way for future innovations in stablecoins and tokenized money.”

This launch marks a significant step for the EU stablecoin market, which has traditionally lagged behind dollar-pegged stablecoins, offering more competition and options for users seeking instant payments.

Ran Goldi, SVP Payments and Network at Fireblocks, added, “As financial institutions introduce new MiCA-compliant stablecoins into the European market, leveraging enterprise-grade technology and robust infrastructure is crucial to ensuring a secure and seamless user experience.”